Phone: (240) 366-4070
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WHAT QUALIFIES

What Qualifies for a SBA 504 Loan

The SBA 504 loan program will provide financing for:

  • purchase of land
  • purchase or construction of a building
  • renovation - including leasehold improvements
  • purchase of machinery and equipment with a useful life of at least ten years
  • refinancing of existing eligible debt up to 50% of total project costs excluding soft costs
  • related soft costs including interim interest, professional fees and most closing costs
  • refinancing of existing secured debt with or without cash out

The SBA 504 program financing may not be used for:

  • working capital - except for cash out on refinance projects
  • to acquire investment property (not owner-occupied)

"We have had six 504 loans from Chesapeake for our restaurants, and we are working on our 7th.  The 504 program has been terrific for us, and the Chesapeake people are good to work with.”

– Chris Reda: Ropewalk

"We have done four SBA 504 loans with Chesapeake.  The average project of each loan has been over 10 to 14 million dollars. The 504 program has been vital to the growth of our business.  These projects are complex, and the Chesapeake group is very knowledgeable and helpful. We are planning to do many more projects with them. During COVID-19 the best partner has been Chesapeake to come and help us with financial  planning of the payments."

– Dhiren Patel: Holiday Inn

“We have done two large complex 504 loans with Chesapeake – and we are working on two more.  The 504 program’s long-term fixed rate terms are really beneficial to us.  Chesapeake has been excellent to work with in planning our projects and successfully negotiating through the 504 process.”

– E. Heyer: Sienna School

“Our new Hyatt Place Hotel in Ocean City, MD was a $26 million project.  We had construction delays but the 504 loan program was important and is a key reason for our success.   Chesapeake’s team knows the 504 program and they really helped us.  Summer in Ocean City is fantastic – come visit!”

– Tommy Bennett: Hyatt Place

 

“We used the SBA 504 refinance program to get long-term fixed-rate financing for our business. We are growing rapidly and the 504 loan program helped our cash flow. Chesapeake helped us through the SBA 504 process.”

– Sung Bin Im: World Bankcard

 

“We are working on our third SBA 504 loan with Chesapeake.  They have been very helpful to us and we look forward to working with them in the future.”

- Kim Briscoe-Tonic: Briscoe-Tonic Funeral Home

"504 is a great program.  We sell and service luxury previously-owned cars.  Tom Turner (of Chesapeake) helped me buy this place with a 504 loan 5 years ago.  We're now working on a 504 refinance deal"

James Makia - Exclusive Motorcars

"Nelson Precast is a manufacturer of top quality cast stone and architectural precast concrete products for contractors in the Mid-Atlantic area.

The SBA 504 program has helped us finance this building, including our office buildout, plant setup including these overhead cranes, as well as some very sophisticated equipment. By its nature, it was a long and difficult process with construction, budget changes, and other delays, while also running a very busy company. But Chesapeake was there to help every step of the way"

Ari Lichtman - Nelson Precast Products

Address: 4701 Sangamore Rd St #100N, Bethesda, MD 20816
President: John Sower  |  jsower@chesapeake504.com
Phone: (240) 366-4070

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